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Notably, Gen Z and Millennial employees were more likely to say they will jump ship, as 74% are ready to move on due to subpar skills-building support or a lack of career mobility options.
In the face of global labour shortages and fiercer-than-ever competition for top talent, learning and development could be a differentiator in attracting and engaging talent, according to a recent study.
In partnership with Amazon, Workplace Intelligence conducted a blind survey between August 12 to August 22, 2022, asking 3,000 U.S. employees from a variety of industries and companies questions about their career and skills development goals and the importance of learning and development at work.
*Note: While this survey was conducted across respondents from the US, HRO believes the findings would be applicable to the wider audience in Asia.
The study revealed that most employees are concerned they lack the skills (78%) and education (71%) required to advance their careers, and the pandemic is at least partly to blame.
In fact, 58% of employees are afraid that their skills have gone stale since the onset of the pandemic, and 70% feel unprepared for the future of work.
Therefore, moving into 2023, employees surveyed are laser-focused on remedying this situation:
- 89% said they are “extremely” or “somewhat” motivated to improve their skills this year, with 76% noting that the pandemic increased their motivation;
- 83% of employees reported that improving their skills is one of their top priorities;
- 88% are already putting a significant amount of time and effort towards this endeavour.
For employees, developing their skills and climbing the career ladder is about much more than getting a salary boost or enjoying greater status and recognition.
What is driving the motivation includes:
- Higher pay (59%),
- Hoping that advancing their career will lead to better work-life balance (48%),
- A sense of purpose (41%),
- Among employees with leadership ambitions, 47% are drawn to the idea that they could create a better work experience for the next generation and inspire others to follow their dreams.
What employers are offering vs employees' expectations
While 78% of employees said that their company’s learning and development programmes have “significantly” or “somewhat” benefitted them over the past two years, many people don’t have access to the programmes they want the most.
For example, just over half of employees said their employer offers free or partially covered college tuition (51%), training programmes in other areas of the business (55%), and networking opportunities (55%). However, more than eight out of 10 employees said it is important for their employer to offer these benefits.
Meanwhile, the survey also showed that well over half of professionals surveyed feel it will be difficult to advance their career (56%) or transition into another type of job or a different industry (57%).
This may lead to an undesirable result — of those surveyed, around two out of three employees said it’s “extremely” or “somewhat” likely they will leave their employer within the next year because there are not enough opportunities for skills development (64%) or career advancement (66%), or because there is no way for them to transition to a different job or a new career path (65%).
Notably, Gen Z and Millennial employees were more likely to say they will jump ship, as 74% are ready to move on due to subpar skills-building support or a lack of career mobility options.
“In today’s employee-driven job market, employees feel empowered to seek out an employer that truly supports their long-term career goals and ambitions,” said Dan Schawbel, Managing Partner, Workplace Intelligence. “Companies who recognise this and provide a high level of support — from more time for skills development during the workday, to better learning benefits and programmes — are going to stay one step ahead in the ongoing war for talent.”
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